Gas Prices Rise to Highest Level Since 2008

The average price of a gallon of self-serve regular gasoline in Los Angeles County rose Thursday for the 24th consecutive day, increasing 1.1 cents overnight to $4.368, its highest amount since July 25, 2008.

The average price is 18.2 cents more than one week ago, 57.6 cents higher than a month ago and 59.5 cents greater than a year ago, according to figures from the AAA and Oil Price Information Service. It has risen 35 times in 36 days, including 1.6 cents on Tuesday.

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The Orange County average price rose seven-tenths of a cent Thursday to its highest amount since July 24, 2008, $4.356, 17 cents more than one week ago, 56.9 cents higher than a month ago and 59.6 cents greater than a year ago.

The Orange County average price has increased 25 consecutive days and 40 of the past 42, including 1.9 cents on Wednesday.

Analysts have credited the increasing prices to rising oil prices which stem from fears of shortages because of elevated tensions in the Middle East over Iran's nuclear program and speculation by investors. Also contributing to the increase were the closure of some California refineries for maintenance and a major fire at the Cherry Point refinery near Blaine, WA, that will cause its closure for at least three weeks, both reducing the supply.

Crude oil costs account for two-thirds to three-quarters of the price of a gallon of gasoline, according to Tupper Hull of the Western States Petroleum Association, a trade association representing oil companies in six western states.

In a speech at the University of Miami in February, President Barack Obama said "there are no quick fixes to the problem'' and "we can't just drill our way to lower gas prices.''

"We need to keep developing the technology that allows us to use less oil in our cars and trucks, less energy for our buildings and our plants and our factories,'' Obama said. "That's the strategy we're pursing and that's the only real solution to this challenge.''

In his State of the Union address on Jan. 24, Obama revealed plans for an "all-of-the-above'' energy strategy "that develops every available source of American energy.''

Obama also used the speech to announce the 2012-2017 Offshore Oil and Gas Development Program, which he said would open more than 75 percent of the nation's potential offshore oil and gas resources, and said he directed his administration to allow the development of clean energy on public lands to power 3 million homes.

The Republican National Committee Wednesday unveiled a series of attacks on Obama on rising gas prices nationwide, with RNC Chairman Reince Priebus calling the president "completely out of touch.''

"After calling for a comprehensive energy plan 'that works' during the campaign, four years later, Americans are scratching their heads wondering exactly how long they are expected to wait,'' Priebus said.

"Barack Obama said he would work to solve our energy crisis 'once and for all.' Yet his solution has been to make it harder for American energy exploration, deny the Keystone Pipeline and prop up cronies at Solyndra.''

White House Communications Director Dan Pfeiffer said U.S. oil and natural gas production has increased each year since 2008 and the fuel economy standards Obama has established will nearly double the efficiency of the nation's vehicles and save $1.7 trillion in gasoline costs.